Raseedy has officially launched the first independent licensed digital wallet in Egypt, in partnership with saib Bank and Mastercard.
Raseedy, established by Jacques Marco and Karl Marco as an Egyptian joint-stock company in 2018, has now launched (...)
The African Development Bank (AfDB) on Wednesday said its board of directors approved $500,000 in emergency assistance grant to help Egypt grapple with the new coronavirus pandemic.
The AfDB grant will provide food relief and contribute to restoring (...)
Given the exceptional circumstances caused by the coronavirus crisis, First Abu Dhabi Bank (FAB) has suspended all talks to buy the Egyptian assets of Lebanon's Bank Audi, the two lenders said in a joint statement Monday.
"Despite the incompletion (...)
Banque Misr and National Bank of Egypt have collected revenues of 136 billion Egyptian pounds from selling new 15 percent annual yield saving certificates for 747,000 customers since being launched at the end of last March.
Mohamed el Atrebi, Board (...)
Egypt's gold reserves, a major component of foreign cash reserves, surged to around $3.705 billion in April from $3.518 billion in March, the central bank said on Thursday.
The country's foreign reserves dropped to $37.037 billion at the end of (...)
Foreign investors sold more than half of their Egyptian pound treasury bill (T-bills) holdings in March, according to a central bank data as the coronavirus pandemic led them to pull money out of emerging markets.
Foreign customers held the (...)
The Central Bank of Egypt (CBE) is likely to keep interest rates fixed when the Monetary Policy Committee (MPC) meets on Thursday, said Radwa El-Swaify, Head of Research at Pharos Holding.
El-Swaify added that the CBE had cut rates by 300 bps early (...)
Egypt's foreign reserves fell to $37.037 billion at the end of April from $40.108 billion at the end of March, the central bank announced on Thursday.
For the second month in a row, the coronavirus crisis has parked a mass flight by foreign funds (...)
The National Bank of Egypt, the oldest commercial lender in the country, is currently studying the possibility of establishing a digital bank with international institutions Karim Sous – Head of Retail Credit Risk Sector at NBE.
He added that the (...)
Banque Misr and National Bank of Egypt have collected revenues of 86 billion Egyptian pounds from selling the saving certificates, with the set 15 percent yield in four weeks.
Deputy President of the National Bank of Egypt (NBE) Yehia Aboul-Fottouh (...)
The National Bank of Egypt and Banque Misr have sold 24.9 billion Egyptian pounds of their new high-yielding saving certificates with 15-percent monthly return in first week of its launch.
Yehia Abul Fotouh, Vice President of the NBE, said the bank (...)
Egypt's net foreign reserves increased to $45.509 billion at the end of February from $45.457 billion at the end of January, the central bank announced on Monday.
Foreign currencies in Egypt's foreign reserves consist of U.S. dollar, euro, Chinese (...)
Egypt's central bank has rescheduled its monetary policy meeting, it said in a statement on Wednesday.
The bank moved the meeting forward to January 16 after having previously been scheduled to take place on December 26. The statement said the (...)
Export Development Bank of Egypt (EBE) is establishing a new office in the new administrative capital with initial cost of 1 billion Egyptian pounds, its Chairperson Mervat Sultan said.
Sultan added that the bank has signed a deal with AGC For (...)
Egypt's banking sector has issued 3.2 million Meeza cards until the end of October 2019, said Lobna Helal, deputy governor of the Central Bank of Egypt (CBE).
She also revealed that Meeza's transactions have registered 1.5 million transaction (...)
Banking assets in the Arab world currently exceed $3.5 trillion, equivalent to 140 percent of gross domestic product, a Union of the Arab Banks (UAB) official said on Tuesday.
"Loans provided by Arab banks are totalling more than $2 trillion," (...)
National Bank of Egypt (NBE) says it seeks to reduce its portfolio of non-performing loans (NPLs) between 7 billion Egyptian pounds and 7.5 billion Egyptian pounds ($416.9-$446.7 million) at the end of financial year 2019/2020.
The largest state-run (...)
Egyptian largest state-owned lender, National Bank of Egypt (NBE) says it has pumped 42 billion Egyptian pounds ($2.5 billion) as part of the central bank's (CBE) mortgage finance and SMEs initiatives.
NBE's financing portfolio is divided into 35 (...)
A consortium of six banks agreed on Sunday to provide Egypt's Canal Sugar a bridge loan worth a total of $169 million via two tranches, informed banking sources told Amwal Al Ghad.
Four banks agreed to contribute to the loan in the local currency (...)
The e-commerce has achieved a leap during the last period with value of digital economy increasing to $13 trillion, Ceramica Cleopatra Group chairman Mohamed Abou El Enein said.
Addressing a press conference that was organised by The Council of Arab (...)
Egypt's biggest lender, the state-owned National Bank of Egypt (NBE) recorded net profits of 6 billion Egyptian pounds ($338.6 million) during the first 6 months of the financial year 2017/2018, vice chairman Yehia Aboul Fotouh.
Aboul Fotouh said (...)
Egypt's Misr Iran Development Bank (MIDB) has injected 500 million Egyptian pounds($28 million) as part of Central Bank of Egypt SMEs initiative, Amr Tantawy Managing Director.
The portfolio of small and medium enterprises has increased to 1.5 (...)
National Bank of Egypt (NBE) and Banque Misr, the country's largest state banks, have collected around $23 billion since Egypt took the dramatic step of floating its pound last year.
Egypt's central bank decided in November 2016 to freely float the (...)
Banque Du Caire, one of Egypt's largest and oldest public banks, is considering spending between €30 million and €35 million ($34.8 million and $40.6 million) on two syndicated loans.
The bank may pump €20 million into Suez Canal Authority's loan of (...)
National Bank of Egypt (NBE), the country's largest state bank, is negotiating loans worth €800 million ($941.1 million) with two international lenders, sources near from the talks said Tuesday.
The Egyptian bank is in talks with German state bank (...)